Sound market position in El Salvador with well-diversified business activities that provided resilience amid the sharp economic contraction in the country. Ample and diversified retail deposit base that provides financial flexibility during adverse market conditions along with a conservative approach by prioritizing liquidity. Strengthening underwriting standards for its origination prospects, which has resulted in manageable delinquencies and credit losses. Recent economic struggles related to the COVID-19 pandemic coupled with the historical political instability in El Salvador could challenge the bank's profitability and asset quality metrics. Underdeveloped local debt capital markets somewhat constrain external funding. Our moderate capital and earnings assessment incorporates El Salvador's high economic risks. The stable outlook on Banco Agricola for the next 12 months mirrors the one
